SF Retail Properties Fund expands portfolio
The SF Retail Properties Fund has acquired a mixed-use property in Kirchberg (BE) with a market value of CHF 40.6 million.
The property, which the SF Retail Properties Fund purchased on May 15, is located at Solothurnstrasse 17 and 17A in the former Stannioli site in Kirchberg. It was built in 1916 and initially used as a production and administration site. In 2010, the entire building was renovated and converted for its current use.
Retailers Migros, Denner, Valora and Dropa Drogerie are leased on the first floor; according to Swiss Finance & Property Funds AG, the leases have terms of up to ten years. The upper floors contain around 760 sqm of commercial space and 20 apartments. The property also has 115 parking spaces in an underground garage and 35 outdoor spaces. In total, the property has a leasable area of 7,742 sqm, with a WAULT of 8.1 years. It is currently fully leased.
According to Swiss Finance & Property Funds AG, the acquisition broadens the tenant structure of the SF Retail Properties Fund, and with its focus on goods for daily needs, the property fits ideally into the fund's investment strategy. The commercial tenants are well established in the community and have shown significant sales growth over the past several years, he said. A tenant from the industrial sector has its offices on the second floor. The acquisition increases the market value of the SF Retail Properties Fund to 845.5 million and the target rental income to 47.25 million.
CBRE acted in an advisory capacity on the seller side. (ah)
